The Portola Valley School District has to cut six positions–thanks in part to Larry Ellison.

The Oracle chairman, who is the fourteenth richest person in the world, recently had the value of his 23-acre Woodside, Calif., home reassessed from $173 million to about $70 million. That dropped his annual tax bill by more than a million dollars. The biggest loser: Local schools that depend on tax revenue for the lion’s share of their budgets, according to the Almanac.

Check out a picture of the house here. (Hat Tip: Sarah Lawsky.) Update: